2024-09-11 05:55

Hurricane Francine causes offshore production shut-ins About 24% of crude production in US Gulf of Mexico shut API shows weekly US crude, gasoline stockpiles fall TOKYO, Sept 11 (Reuters) - Oil prices climbed more than 1% on Wednesday, paring some of the previous day's losses, as concerns about Hurricane Francine disrupting output in the United States, the world's biggest producer, outweighed worries about weak global demand. Brent crude futures were up 84 cents, or 1.2%, to $70.03 a barrel at 0704 GMT, while U.S. crude futures were at $66.56 a barrel, up 81 cents, or 1.2%. Both benchmarks fell nearly $3 on Tuesday, with Brent hitting its lowest since December 2021 and WTI falling to a May 2023 trough, after OPEC revised down its demand forecast for this year and 2025. "The market rebounded autonomously as Tuesday's drop was substantial," said Yuki Takashima, economist at Nomura Securities, adding supply disruption fears from Francine also lent support. "Still, downward pressure will likely continue in the near term as investors are worried about a slowdown in demand due to economic slowdown in China and the United States," he said, adding he had this week lowered his forecast range for WTI for the rest of the year to $60-$80 from $65-$85. Francine strengthened into a hurricane in the Gulf of Mexico, the U.S. National Hurricane Center said on Tuesday, prompting Louisiana residents to flee inland and oil and gas companies to shut production. About 24% of crude production and 26% of natural gas output in the U.S. Gulf of Mexico were offline due to the storm, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said on Tuesday. On Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for world oil demand to rise by 2.03 million barrels per day (bpd) in 2024, from last month's forecast for growth of 2.11 million bpd, it said in a monthly report. OPEC also cut its 2025 global demand growth estimate to 1.74 million bpd from 1.78 million bpd. But the U.S. Energy Information Administration (EIA) said on Tuesday global oil demand is set to grow to a bigger record this year while output growth would be smaller than prior forecasts. Oil prices were also supported by a withdrawal in U.S. crude inventories. U.S. crude oil stocks fell by 2.793 million barrels in the week ended Sept. 6 while gasoline inventories declined by 513,000 barrels, according to market sources citing American Petroleum Institute figures on Tuesday. Eleven analysts polled by Reuters estimated on average that crude inventories rose by about 1 million barrels and gasoline stocks fell by 0.1 million barrels. . China's daily crude oil imports rose last month to their highest in a year, customs data and Reuters records showed on Tuesday, but that was still 7% less than a year ago and year-to-date imports are 3% less than the year before period. That has led Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities, to predict the market will remain bearish due to fears about slowing global demand, including China's. Sign up here. https://www.reuters.com/business/energy/oil-prices-rebound-fears-supply-disruption-tropical-storm-2024-09-11/

2024-09-11 05:48

Major U.S. stock indexes turn green, Nasdaq out front Bets cemented on 25 bp rate cut from the Fed Oil prices bounce back as supply, hurricane concerns offset demand worries NEW YORK, Sept 11 (Reuters) - Wall Street reversed an earlier sell-off to close higher on Wednesday, and Brent crude prices rebounded from 3-1/2 year lows as a key inflation report cemented expectations that the U.S. Federal Reserve will issue a 25-basis point rate cut next week. Investors also parsed Tuesday night's U.S. Presidential debate to gauge potential policy shifts after the November election. All three major U.S. stock indexes pulled a U-turn, transforming a sell-off into a rally by mid-afternoon. Tech stocks (.SPLRCT) , opens new tab, particularly chips (.SOX) , opens new tab, were clear outperformers, putting the Nasdaq ahead of the pack. The Labor Department's Consumer Price Index (CPI) showed the annual inflation rate CPI shed 0.4 percentage points to a cooler-than-expected 2.5%. The core measure - which excludes food and energy - posted a hotter-than-expected monthly gain of 0.3%, and an annual increase of 3.2%. "The inflation report kind of gave inflation bears a little something and it gave inflation bulls something," said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. "At least initially today, there was the feeling that a 50-basis-point rate cut isn’t going happen," Carlson added. "Maybe now investors are starting to think that maybe that isn't a bad thing." At last glance, financial markets have baked in an 85% probability that the Fed will cut its key policy rate by 25 basis points at next week's policy meeting, with a dwindling 15% chance of a double-sized 50 bp cut, according to CME's FedWatch Tool. Market participants paid close attention to late Tuesday's U.S. presidential debate, listening closely for potential policy clues from Vice President Kamala Harris and former President Donald Trump. The presidential hopefuls butted heads over abortion, the economy, immigration and Trump's legal woes at their rancorous first debate. The Dow Jones Industrial Average (.DJI) , opens new tab rose 124.75 points, or 0.31%, to 40,861.71, the S&P 500 (.SPX) , opens new tab gained 58.6 points, or 1.07%, to 5,554.12 and the Nasdaq Composite (.IXIC) , opens new tab added 369.65 points, or 2.17%, to 17,395.53. European stocks ended the session essentially flat as investors shifted their focus to the European Central Bank and its rate decision expected on Thursday. The pan-European STOXX 600 index (.STOXX) , opens new tab rose 0.01% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab gained 0.62%. Emerging market stocks lost 0.37%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) , opens new tab closed 0.24% lower, while Japan's Nikkei (.N225) , opens new tab lost 1.49%. Yields on 10-year U.S. Treasury notes steadied from an earlier slump in which the benchmark rate touched its lowest level since June 2, 2023. Benchmark 10-year notes last fell 5/32 in price to yield 3.6609%, from 3.644% late on Tuesday. The 30-year bond last fell 12/32 in price to yield 3.9743%, from 3.954% late on Tuesday. The dollar was nominally higher against a basket of world currencies after inflation data appeared to lock in a smaller, 25 bp interest rate cut. The dollar index (.DXY) , opens new tab rose 0.08%, with the euro down 0.04% to $1.1015. The Japanese yen strengthened 0.04% versus the greenback at 142.40 per dollar, while Sterling was last trading at $1.3042, down 0.28% on the day. Oil prices steadied after Tuesday's sell-off as a drop in U.S. crude inventories and potential supply disruptions from Hurricane Francine balanced against concerns over softening global demand. U.S. crude jumped 2.37% to settle at $67.31 per barrel, while and Brent settled at $70.61 per barrel, up 2.05% on the day. Gold prices dipped as hopes dimmed for a larger interest rate cut from the Fed at next week's policy meeting. Spot gold dropped 0.2% to $2,512.30 an ounce. Sign up here. https://www.reuters.com/markets/global-markets-wrapup-1-2024-09-11/

2024-09-11 05:22

NEW YORK, Sept 11 (Reuters) - Investors scrambled to shift their positioning on Wednesday following a closely-watched debate between Republican Donald Trump and Democratic Vice President Kamala Harris, as betting markets swung in Harris’ favor after the event. Shares of Trump Media & Technology Group, the company that owns Truth Social, fell 13% on Wednesday afternoon, while other so-called Trump trades such as bitcoin and crypto stocks retreated. Solar stocks, seen as benefiting from a Harris win, rallied and healthcare shares fell. In a combative debate late Tuesday, Trump and Harris clashed over everything from the economy to immigration, as each sought a campaign-altering moment in what has been a closely-fought race. Their exchanges left investors with few new details on issues that could sway markets, including tariffs, taxes and regulation. But online prediction markets showed bets on a stronger likelihood of a Harris win in November: Harris’ odds in PredictIt’s 2024 presidential general election market improved to 55 cents from 53 cents before the debate, while Trump’s odds slipped to 47 cents from 52 cents. There is a “general view that Harris won the debate,” said Alvin Tan, head of Asia FX strategy at RBC Capital Markets in Singapore. “It's obviously not a slam dunk for Harris, but the chances of a Trump victory have slipped a bit." While the presidential race is very much on investors’ minds, political concerns have lately coalesced with more immediate market catalysts, including worries over a potentially softening U.S. economy and uncertainty over how deeply the Fed will need to cut interest rates. The S&P 500 notched its worst weekly percentage loss since March 2023 last week after a second-straight underwhelming jobs report, though the index is still up around 15% this year. Still, some investors believe even a small shift in perceptions of the candidates could prove significant in a contest that could come down to tens of thousands of votes in a handful of states. The candidates are effectively tied in the seven battleground states likely to decide the election, according to polling averages compiled by the New York Times. "The US Presidential debate achieved its goal by providing a decisive edge to one of the candidates in what has been an exceptionally close race," said Charu Chanana, Head of FX Strategy and Global Market Strategist at Saxo. "Crypto and energy stocks might face headwinds as market sentiment adjusts to the shifting political dynamics." Trump has positioned himself as a pro-cryptocurrency candidate. While it was hard to separate election-fueled moves from macroeconomic-driven action in the dollar, rates and stocks following Wednesday's highly-awaited report on U.S. consumer prices, investors pointed to several corners of the market where the debate appeared to have made an impact. Investors hammered the shares of Trump Media & Technology Group (DJT.O) , opens new tab, which have been popular among retail traders and sensitive to the former president's chances of a win in the 2024 election. The stock fell by as much as 18% to a new post-IPO low of $15.30. Bitcoin was about flat on the day after slipping nearly 4%, while shares of some cryptocurrency-focused companies including crypto miner Riot Platforms (RIOT.O) , opens new tab also fell. Stock of operators of correctional facilities, including GEO Group (GEO.N) , opens new tab and CoreCivic (CXW.N) , opens new tab, viewed as likely to benefit from tougher immigration policies, also slipped. At the same time, U.S.-listed shares of solar companies, seen as benefiting from a Harris win, rose. The Invesco Solar ETF (TAN.P) , opens new tab, down about 25% for the year, jumped 5% on Wednesday. Health insurer stocks including Humana (HUM.N) , opens new tab and CVS Health (CVS.N) , opens new tab were also down on Wednesday. Some analysts believe Harris' push to lower drug prices may weigh on the sector. TAXES AND TARIFFS Trump has promised lower corporate taxes and a tougher stance on trade and tariffs. He has also said a strong dollar hurts the U.S., though some analysts believe his policies could spur inflation and eventually buoy the currency. Harris last month outlined plans to raise the corporate tax rate to 28% from 21%, a proposal that some on Wall Street believe could hurt corporate profits. Steve Chiavarone, senior portfolio manager at Federated Hermes, said a Harris presidency, seen as less likely to widen budget deficits through higher spending, could help support Treasury prices while also boosting large-cap growth and tech stocks. US-focused policies such as tax cuts and tariffs in a Trump presidency could buoy small cap stocks and cyclical companies while hurting bonds, he said. On Tuesday night, Harris attacked Trump's intention to impose high tariffs on foreign goods - a proposal she has likened to a sales tax on the middle class - while touting her plan to offer tax benefits to families and small businesses. The Chinese yuan, which had come under pressure in the U.S.-China trade war during Trump's term, edged up against the dollar on Wednesday. Trump criticized Harris for the persistent inflation during the Biden administration's term. However, economic policies could be up in the air for a while longer. "There wasn’t much substantive discussion of policy," said Sonu Varghese, global macro strategist at Carson Group. "Neither candidate advocated for vastly different economic policies than currently in place. Ultimately, a lot of economic policies that we see implemented next year will depend on the makeup of the Senate and the House." Sign up here. https://www.reuters.com/markets/us/fiery-debate-gives-wall-street-few-new-details-key-issues-2024-09-11/

2024-09-11 04:34

A look at the day ahead in European and global markets from Ankur Banerjee Investors broadly took the U.S. presidential debate between Donald Trump and Kamala Harris in stride where details were scarce but jabs aplenty. The spotlight though belonged to Taylor Swift, who right after the debate endorsed Harris. Asian markets were broadly lower and U.S. stock futures slipped, with the dollar on the back foot as both candidates clashed over issues such as immigration, foreign policy and healthcare, but the debate was light on specific policy details. Online prediction market PredictIt's 2024 presidential general election market showed Trump's likelihood of victory declining after the debate, to 48% from 52%. Harris' odds improved to 56% from 53%. All that has meant investors will remain jittery till the November election as they try to gauge the economic policies from both candidates and ascertain who may yet win. The focus for markets now shifts to the U.S. inflation reading later in the day, although the U.S. central bank has made it clear employment has taken on a greater focus than inflation. While the Federal Reserve is likely to cut rates next week, there is fair amount of uncertainty around the size of the cut. Markets are pricing in one out of three chances of a 50 basis point cut and anticipate 114 bps of easing this year. Futures indicate European bourses are due for a lower open as traders, with not a lot of economic data in the day, will likely focus on Fed moves ahead of the European Central Bank meeting on Thursday where it is expected to cut rates. Meanwhile, the yen surged to an eight-month high after a boost from Bank of Japan board member Junko Nakagawa, who reiterated in a speech on Wednesday that the central bank would continue to raise rates if the economy and inflation move in line with its forecasts. Key developments that could influence markets on Wednesday: Economic events: UK GDP estimate for July and UK Industrial and manufacturing output for July; US inflation report Sign up here. https://www.reuters.com/markets/global-markets-view-europe-2024-09-11/

2024-09-11 04:15

Sept 11 (Reuters) - U.S. stock futures slipped and the dollar edged lower in early Asian trading on Wednesday as Republican Donald Trump and Democratic Vice President Kamala Harris faced each other for the first time, with some analysts saying Harris put in a slightly stronger performance. Online prediction market PredictIt's 2024 presidential general election market showed Harris' odds at improving to 56% from 52% immediately before the debate, while Trump's odds slipped to 48% from 51%. Stock futures eased during the debate and after it concluded, with the S&P 500 E-minis down 0.5% and Nasdaq 100 E-minis off 0.65%. The dollar index , which measures the U.S. currency's strength against six major peers, slipped 0.23%. COMMENTS: QUINCY KROSBY, CHIEF GLOBAL STRATEGIST FOR LPL FINANCIAL “It was light on specifics from either side and I think that those who adhere to Trump are going to believe that he won the debate and those who are loyal to Democrats will think that she won the debate. "The question is: what about independents, what about undecideds? It’s difficult to see how they could have made up their minds based on tonight’s debate, other than the possibility of the overall performance, as opposed to specifics. For both sides, they were light on specifics.” “If style matters and being calm and prosecuting your case for why temperamentally you should be president, then we will see the results in the market. Either the market will be favoring what we know, not from tonight, from the Trump portfolio, vs the Kamala Harris portfolio. This will manifest itself in the market tomorrow. Otherwise, we will go back to square one where we were at 4 p.m. Eastern Time when the market closed.” ERIC BEYRICH, PORTFOLIO MANAGER, SOUND INCOME STRATEGIES, WESTCHESTER, NYC "Neither one of them made strong economic points, but overall Harris came out of this better than Trump. I didn’t hear anything reassuring from either candidate. If anything I think they introduced greater uncertainty. Markets really don’t want strident statements; they want clarity. "He didn’t give us clarity, and she revealed she’s much further to left than she has presented herself previously, as seen in her comments about health care being a fundamental right. I don't think that will be welcomed by markets, or that they'll be very happy about what it says about her policies more broadly. What the market would like to see are some rational economic policies, and there wasn't much to give them comfort on that in this debate." SHIER LEE LIM, LEAD FX & MACRO STRATEGIST FOR APAC AT CONVERA "The Harris-Trump debate does not seem to be having a major impact on markets so far, which aligns with the relatively low volatility expectations heading into the event. Option markets were only pricing in 73bp breakevens for USD/JPY and about 1.1% for the S&P 500 around the debate, which appears low considering the debate's timing just before Wednesday's U.S. CPI release. "That said, the debate could still prove to be a significant catalyst for shifting election probabilities. Betting markets currently give Trump a slight edge in the overall election, with platforms like Polymarket showing Trump with a 52% chance compared to 45% for Harris. However, the race appears tight, with some variation across prediction markets." "The election outcome could have meaningful implications for fiscal policy and financial markets. Republicans are reportedly considering tax cuts offset by tariffs, while Democrats may pursue corporate and wealth tax hikes to fund spending increases." BRIAN NICK, HEAD OF PORTFOLIO STRATEGY, NEWEDGE WEALTH, STAMFORD, CT. "They didn't discuss much that was relevant to investors in any detail. The next president is going to have to deal with taxes and they haven’t even dealt with it. In terms of legislation facing the next president, that is the biggest one for markets and investors. "Some of the issues that I still have questions about -- like Donald Trump's views on removing some of the Federal Reserve's independence -- didn't arise. But overall there wasn't much of substance that was market moving. And I'm not surprised to not see much of a market reaction." SONU VARGHESE, GLOBAL MACRO STRATEGIST, CARSON GROUP "I think the debate is not going to change many minds, as voters remain closely divided. The only indication is that Harris moved ahead in prediction markets but that still keeps the race very close," "There wasn’t much substantive discussion of policy. Neither candidate advocated for vastly different economic policies than currently in place. Ultimately, a lot of economic policies that we see implemented next year will depend on the makeup of the Senate and the House, and negotiations related to the extension of the Tax Cut and Jobs Act (which former President Trump signed into law in 2017)." SHOKI OMORI, CHIEF JAPAN DESK STRATEGIST, MIZUHO SECURITIES "Harris started off quite nervously, but then she gained confidence and set out her economic policies very clearly. That gave some relief to the market," weakening the dollar, "although it's hard to say at this point what the direction for the dollar will be" in the event of a Harris or Trump presidency. GREGORY FARANELLO, HEAD OF U.S. RATES, AMERIVET SECURITIES "Net net, I thought Vice President Harris, definitely did well. She held her own. But you know, we still didn't learn anything new other than he said, she said," "There was no major knockout blow. We'll have to see what the polls bring in the days ahead but you know it's going to be a tight election and the market is going to be probably focused more on monetary policy short term than the election." STEVE SOSNICK, CHIEF MARKET STRATEGIST, INTERACTIVE BROKERS, GREENWICH, CT. "It’s all been fairly general during the debate. They have talked about chips and energy and solar, but not really any specific details. There hasn’t been anything for markets to sink their teeth into." "Because the margin is so narrow, I think markets don't know what to make of the whole campaign at this stage. It does appear that Harris is outpointing Trump, but I don't know that the markets have voted yet. And I don't know if the people who need to be convinced are watching. We may see more of a reaction when the top soundbites from this debate start rippling out and being discussed in the next few days." VASU MENON, MANAGING DIRECTOR OF INVESTMENT STRATEGY, OCBC SINGAPORE "Today’s debate is not going to move the needle. Neither came our clear winner. How the economy performs in the coming weeks as seen in the data, especially jobs data, and what they each say at their campaign trail in the run up to November 5 will decide the final outcome. "Harris comes through with better policies for the middle class while Trump has positioned himself as the strong leader American needs to stand up to countries that have taken it for granted. The question is will Americans vote based on policies or rhetoric. The jury is still out and investors will be left guessing and that only means more market volatility in the run up to U.S. elections in November." ROB CARNELL, ING'S REGIONAL HEAD OF RESEARCH FOR ASIA-PACIFIC "I don't think there's a lot for markets here... there doesn't seem to be a lot that seems to be particularly economic right now. I think Harris seems to be managing Trump quite well." "You'd expect if he (Trump) was doing better, that you'd see a strong dollar coming out of this. So I suppose that's the way the market is looking at it. It's a slight lean towards Harris." KEN CHEUNG, DIRECTOR, FX STRATEGY, MIZUHO SECURITIES ASIA, HONG KONG "Some of the U.S. dollar movement is driven by the debate performance. I think the interpretation, for the Chinese yuan, is that it is very sensitive to Trump's policy on the tariff side." JACK ABLIN, CHIEF INVESTMENT OFFICER AT CRESSET CAPITAL. "This debate doesn't seem to be changing the fact that it's going to be a very close election." "They're covering all the issues; the moderators are doing a good job of managing the debate and voters are getting a pretty good depiction of the policies and temperaments of both candidates." "But perception is reality and if people don't feel their lives are improving, that will shape their behavior in November." KARL SCHAMOTTA, CHIEF MARKET STRATEGIST, AT CORPAY IN TORONTO "No knockout blow has been landed, but the dollar is edging lower as Kamala Harris opens a marginal lead over Donald Trump in prediction markets." "Currencies that might find themselves on the front line in another trade war - the Mexican peso, Canadian dollar and Chinese renminbi - are advancing amid muted volumes." Sign up here. https://www.reuters.com/world/us/investors-react-fiery-presidential-debate-between-trump-harris-2024-09-11/

2024-09-11 00:48

Bank, energy stocks fall on slowdown worries Harris-Trump debate scheduled for 9 p.m. EDT Oracle jumps after Q1 results beat estimates Indexes: Dow off 0.23%, S&P 500 up 0.45%, Nasdaq up 0.84% Sept 10 (Reuters) - Wall Street's benchmark S&P 500 index closed up 0.5% on Tuesday but concerns about slowing economic growth stunted gains and the Dow dipped as bank stocks sank after warnings of current-quarter weakness while energy shares tumbled. Energy (.SPNY) , opens new tab was the biggest percentage decliner among the benchmark's 11 industry indexes, losing 1.9%, as crude oil futures fell after OPEC+ cut its 2024 and 2025 demand forecast. Bank stocks fell broadly after Goldman Sachs (GS.N) , opens new tab CEO David Solomon said late on Monday that trading revenue could fall 10% this quarter. On Tuesday, JPMorgan Chase (JPM.N) , opens new tab tempered expectations about income from interest payments. Also, the finance chief of smaller consumer lender Ally Financial (ALLY.N) , opens new tab said credit challenges have intensified this quarter, sending its shares down 17.6%. The warnings from banks overshadowed an announcement by the Federal Reserve's regulatory chief of a plan to significantly ease an earlier proposal to raise big banks' capital. "A lot of the action today is being driven by concern the banks are lowering expectations for earnings for the current quarter," said Lindsey Bell, chief strategist at 248 Ventures in Charlotte, North Carolina. "The news from JPMorgan, Goldman Sachs and Ally stole the show because they're saying that fundamentally their business is slowing down." Investors fretted over the economic implications of weaker energy demand on top of uncertainty about the Fed's decision on interest rates next week and its comment on the economy. In addition, the U.S. presidential election looms on Nov. 5. "We're getting these signs that economic growth across the globe is slowing and it adds angst when we already have such uncertainty here with the election cycle," Bell said, suggesting that September and October could be weak months for stocks. Election uncertainty was in focus ahead of Tuesday's televised debate between Democratic presidential candidate Kamala Harris and Republican candidate Donald Trump as the two meet for the first time at 9 p.m. EDT (0100 GMT). "Today, we're looking at three things: growth scares, low volume and a presidential debate tonight," said John Augustine, chief investment officer at Huntington National Bank. But Augustine questioned investors' apparent extrapolation of JPMorgan's news "to the entire economy." The Dow Jones Industrial Average (.DJI) , opens new tab fell 92.63 points, or 0.23%, to 40,736.96, the S&P 500 (.SPX) , opens new tab gained 24.47 points, or 0.45%, to 5,495.52 and the Nasdaq Composite (.IXIC) , opens new tab gained 141.28 points, or 0.84%, to 17,025.88. In the previous session, Wall Street's main indexes had recorded gains of more than 1% as investors started the week seeking bargains after last week's steep losses. Investors will closely monitor the August consumer price index inflation report on Wednesday and the producer prices report on Thursday. The S&P 500's financial industry index (.SPSY) , opens new tab was the benchmark's second-weakest sector and its biggest index point drag on Tuesday with a 1% drop. Its biggest drags were JPMorgan Chase (JPM.N) , opens new tab, down 5.2%,and Goldman Sachs (GS.N) , opens new tab, off 4.3%. In other individual stocks, Hewlett Packard Enterprise (HPE.N) , opens new tab, the S&P 500's biggest decliner on Tuesday - fell 8.5% after the server maker announced a $1.35 billion mandatory convertible preferred stock offering to fund its acquisition of Juniper Networks (JNPR.N) , opens new tab. However, Oracle (ORCL.N) , opens new tab shares rallied 11.4%, making it the S&P 500's biggest gainer, after the software company beat estimates for quarterly results. Advancing issues outnumbered decliners by a 1.15-to-1 ratio on the NYSE, which registered 390 new highs and 159 new lows. On the Nasdaq, 2,130 stocks rose and 2,014 fell as advancing issues outnumbered decliners by a 1.06-to-1 ratio. The S&P 500 posted 49 new 52-week highs and 13 new lows while the Nasdaq Composite recorded 48 new highs and 156 new lows. On U.S. exchanges 10.75 billion shares changed hands, roughly in line with the moving average for the last 20 sessions. Sign up here. https://www.reuters.com/markets/us/futures-waver-caution-ahead-inflation-report-2024-09-10/